PartnerRe Ltd. Board of Directors Authorizes Repurchase of up to 5 Million Shares

PartnerRe Ltd. Board of Directors Authorizes Repurchase of up to
5 Million Shares 


PEMBROKE, Bermuda, May 11  /PRNewswire-FirstCall/ -- PartnerRe Ltd. (NYSE: PRE)
today announced that its Board of Directors has approved an increase in the
Company's stock repurchase authorization for a total of up to 5 million common
shares. This reflects an increase of approximately 3.5 million common shares to
the approximately 1.5 million common shares remaining under the prior
authorization announced by the Company on May 17, 2004. During the past 12
months, the Company has repurchased a total of 3,472,000 common shares.

PartnerRe Ltd. President and CEO Patrick Thiele said, "Active capital
management is an important component of our long term and cyclical strategy.
Subject to maintaining our unquestioned financial strength for our cedants, we
expect to return capital to our shareholders through share repurchases during
softening reinsurance markets. This authorization provides us the flexibility
to do that."

From time to time, and depending on market conditions, the repurchase program
will be accomplished in open market or privately negotiated transactions.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line reinsurance
to insurance companies. Risks reinsured include property, casualty, motor,
agriculture, aviation/space, catastrophe, credit/surety, engineering/energy,
marine, special risks, other lines, life/annuity and health, and alternative
risk transfer solutions. At December 31, 2004, total revenues were $4.2
billion. As of March 31, 2005 total assets were $13.1 billion, total
capitalization was $3.7 billion and total shareholders' equity was $3.3
billion. Our major reinsurance operations have ratings of AA- from Standard &
Poor's, Aa3 from Moody's, A+ from A.M. Best, and AA from Fitch.

PartnerRe on the Internet: http://www.partnerre.com/ 

DATASOURCE: PartnerRe Ltd.



CONTACT: PartnerRe Ltd.: Investor Contact, Robin Sidders, Investor

Relations, or Media Contact, Celia Powell, Corporate Relations, both at

[phone]; Jim Barron or Hallie Bozzi, Citigate Sard Verbinnen,

[phone]



Web site: http://www.partnerre.com/ 

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